Husk Power Systems, a rural distributed utility company operating mini-grids in Asia and Africa has raised $20 million equity investment led by Shell Technology Ventures with participation of Swedfund International and ENGIE Rassembleurs d’Energies to accelerate its growth to develop what the International Energy Agency estimates as a $190 billion mini-grid market leading up to 2030.
“Together with our strategic partners, we are now confident of achieving our vision of becoming the world’s largest rural utility company providing 24/7, 100 percent renewable and affordable power to drive inclusive and sustainable development in growth markets.“, said Manoj Sinha, CEO and co-founder of Husk Power Systems. “We believe that mini-grids are the most capital efficient way to help reach 100 percent national electrification goals“.
Established in 2008, Husk runs the world’s first hybrid powered mini-grid system that provides grid compatible 24/7 and highly reliable power to customers. The systems are scalable, grid compatible, and secure against theft from power generation to delivery.
The firm also designs, builds, owns and operates one of the world’s lowest-cost hybrid power plant and distribution network in India and Tanzania and developed a proprietary system by combining and synchronizing solar PV, biomass gasification system and batteries to deliver highly reliable, 24×7 power.
It offers customers a flexible “pay-as-you-go” energy service, using a mobile-enabled smart metering system. The funds will help it add over 300 mini-grids in India and Tanzania and deploy 15 MW of 100 percent renewable power plant assets that would eliminate 150,000 tons of CO2 per year (equivalent to eliminating 56 million liters of diesel per year). These mini-grids will serve over 100,000 customers.